The trillion-dollar ecosystem of the Chairman of Phuc Son Group "Hau Phao"

What does Phuc Son Group have?

According to business registration information, Phuc Son Group was established on August 4, 2009, with headquarters in Tam Phuc commune, Vinh Tuong district, Vinh Phuc province, operating mainly in the fields of real estate and construction business.

During the development process, the company has increased and decreased its charter capital many times in a short period of time. Specifically, in early 2015, Phuc Son Group increased its charter capital from nearly VND130 billion to VND500 billion. At the end of 2015, Phuc Son continued to increase its capital to VND1,500 billion.

Shareholder structure of Phuc Son Group in February 2017. Screenshot of announcement of changes in business registration content of Phuc Son Group.

By February 2017, Phuc Son Group had a charter capital of VND2,000 billion. Of which, Nguyen Van Hau holds 99% of the shares, equivalent to a capital contribution of up to VND1,980 billion. The rest is owned by two shareholders: Ngo Thi Thanh Nhan with a capital contribution of VND15 billion and Nguyen Thanh Tung with a capital contribution of VND5 billion.

Notably, there was a period when Phuc Son Group's charter capital reached VND4,000 billion. However, according to the announcement of registration of changes to the business registration content of the enterprise, at the time of May 2022, Phuc Son Group reduced its charter capital from VND4,000 billion to VND1,600 billion.

Phuc Son Group's charter capital decreased from VND 4,000 billion to VND 1,600 billion in May 2022. Screenshot of the announcement of changes in business registration content of Phuc Son Group

Established in 2009 and experiencing many ups and downs of the real estate market, however, in the past few years, Phuc Son Group has really attracted attention with a series of "famous" projects and land funds of up to hundreds of hectares such as: Phuc Son Commercial Center and Housing Area (Vinh Tuong District, Vinh Phuc), scale of 130 hectares; 15-storey housing area for low-income people in Vinh Yen; Urban area on both sides of Phu Dong Street (Viet Tri, Phu Tho Province) with a scale of 149 hectares; Bau Giang urban area (Quang Ngai), scale of more than 49 hectares...

In particular, Bau Giang Urban Area project attracts much attention with an area of over 49 hectares, including 294 commercial houses located on the main road with an area of 46,089m2, 274 social houses with an area of 19,292m2, 795 land lots... The total investment capital of this project is up to 3,318 billion VND.

In addition, in 2022, Phuc Son Group also proposed to the People's Committee of Nghe An province about the Hung Hoa 1 urban area project and Hung Hoa 2 urban area in Hung Hoa commune, Vinh city with a scale of more than 200 hectares.

In addition, the company also owns many "notorious" projects such as the Nha Trang urban, commercial, service, financial and tourism center project, with a scale of 62.9 hectares; slow-progressing BT projects in Khanh Hoa...

Nguyen Van Hau's trillion-dong "ecosystem"

In addition to Phuc Son Group, "Hau Phao" is also the legal representative of many other enterprises with charter capital of up to hundreds of billions and thousands of billions of VND.

Including Phuc Khanh Investment Construction Trading Joint Stock Company, established in June 2014 (headquartered in Vinh Truong Ward, Nha Trang City, Khanh Hoa Province). The enterprise has a charter capital of 100 billion VND, of which Mr. Hau contributed 95 billion VND.

Thang Long Real Estate and Trading Investment Joint Stock Company, with Nguyen Van Hau as Chairman of the Board of Directors, was established in May 2017 (headquartered in Tan Tien Commune, Vinh Tuong District, Vinh Phuc Province). In December 2017, the company had a charter capital of VND2,000 billion.

However, information in the company's founding shareholder structure shows that "Hau Phao" did not contribute capital. The company's legal representative has also changed many times. In early 2022, Mr. Hoang Quang Hung became the company's legal representative, replacing Mr. Hau.

Bau Giang Urban Area One Member Company was established in December 2018, Nguyen Van Hau is the legal representative, Chairman of the Board of Directors and General Director, the company has its headquarters in Chanh Lo Ward, Quang Ngai City, Quang Ngai Province. As of May 2019, the company increased its charter capital from VND 20 billion to VND 250 billion, however, the shareholder structure was not disclosed in detail.

Mr. Hau is also the legal representative of Phuc Son Industrial Infrastructure Investment Joint Stock Company, established in March 2021, headquartered in Tam Phuc Commune, Vinh Tuong District, Vinh Phuc Province with a charter capital of 70 billion VND. Of which, Phuc Son Group Joint Stock Company contributed 68 billion VND, equivalent to 97.14% of the enterprise's capital.

Although the enterprises in Nguyen Van Hau's "ecosystem" do not attract much attention, many of them have close ties with Phuc Son Group. Typically, Bau Giang Urban Area One Member Company is known as a unit established to prepare for the investment and construction of Bau Giang Urban Area project. However, the unit that was granted the investment decision for this project by Quang Ngai People's Committee is Thang Long Real Estate Investment and Trading Joint Stock Company - a company with Nguyen Van Hau as Chairman of the Board of Directors.

The Investigation Police Agency of the Ministry of Public Security has initiated a case of "Violating accounting regulations causing serious consequences", temporarily detaining Nguyen Van Hau (aka "Hau Phao") - Chairman of the Board of Directors of Phuc Son Group Joint Stock Company (Phuc Son Group) and 5 related people to clarify the acts of forgery, false declaration, leaving out of accounting books related revenue and assets... causing especially serious damage to the State.

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